MajorsNov 04, 2024
Jewelers Mutual Appoints Mastercard Exec to Its BoardDana J. Lorberg brings 35 years of experience in finance, technology, and strategy to the role.
SourcingSep 18, 2017
7 Facts from De Beers’s 2017 Report on Diamonds
It provides insights into who is buying diamond jewelry, what they are buying and why.
These 18-karat yellow gold “Rae” studs from Jade Trau feature two oval-cut diamonds weighing 0.30 carats ($1,900). De Beers’s study shows that in the United States, earrings are second only to rings in terms of the type of jewelry women buy for themselves.
New York--Much of what’s contained in De Beers’s 2017 Diamond Insight Report was foreshadowed by company executives at the annual Forevermark breakfast held during the Las Vegas jewelry shows back in June.
There, Forevermark U.S. President Charles Stanley and Stephen Lussier, Forevermark’s London-based global CEO, shared some details about Forevermark’s plans for the fourth quarter, announcing that this year, the diamond brand’s major marketing push for the year will be women-centric.
Why? Because women today are buying more diamond jewelry for themselves as they gain power, position and money in the workforce, and they also are exerting greater influence over those pieces bought as gifts for them.
Here are seven insights from De Beers’s research about their rising purchasing power in the fine jewelry segment, who’s buying, where they’re buying and more.
1. The U.S. was the main growth market for diamond jewelry sales in 2016 and accounts for nearly half of all demand worldwide.
De Beers said consumers spent $41 billion on diamond jewelry in the U.S. last year, up from $39 billion in 2015, a 4 percent year-over-year increase. Stable macro-economics, wage growth, a strong stock market and improved consumer confidence were the reasons for the increase in demand.
Globally, demand was essentially flat in 2016, totaling $80 billion, compared with $79 billion in 2015.
2. The amount of diamond jewelry women buy for themselves is on the rise.
In 2005, self-purchased diamond jewelry (excluding any bridal jewelry) represented 23 percent of all diamond jewelry bought in the U.S. market. That number rose to 24 percent in 2011, 27 percent in 2013 and 33 percent in 2015, according to De Beers’s research.
Women’s spending power has increased, and they are buying more diamond jewelry for themselves.
3. Even when they’re not buying, they have input.
In the U.S., women influence the purchasing decision behind gifts of diamond jewelry in 42 percent of the cases.
A number of jewelers interviewed for National Jeweler’s 50 Jewelers/50 States series have made a similar observation about the bridal-buying process today, remarking on the number of couples who now come in together to pick out engagement rings.
4. Married women buy more diamond jewelry for themselves than single women.
The most popular type of jewelry they purchase is the ring, followed by earrings.
The average price of what they buy is $1,300. That is slightly less than the average price of all diamond jewelry acquired for women, including gifts, which is $1,400.
5. The factor
that most often gets U.S. women buying is price.
Finding something on sale at a “very good” price motivates women in the U.S. to buy diamond jewelry more than anything else.
After price, the top motivators among U.S. women are: to treat themselves, to acquire a design that’s unique or unusual, to celebrate personal milestones and to celebrate relationship milestones, like engagements and wedding anniversaries.
6. Most of these purchases are made on impulse.
But among those for which prior research was done. 72 percent of that research took place online. Stores visits (23 percent) and magazines/advertising/celebrity endorsements (31 percent) were other avenues used for pre-purchase research.
7. The jewelry buying experience is too “serious.”
The report used information gleaned from “Female Tribes,” a rolling study conducted by J. Walter Thompson Planning Head Rachel Pashley. (JWT is the same firm that used to handle De Beers’s U.S. marketing and advertising, including the iconic “A Diamond Is Forever” campaign.)
Among Pashley’s observations: the jewelry buying experience is too “serious;” retailers need to find a way to make it fun and self-gratifying, and they should learn from the experiential approach taken by skincare companies.
“Give women permission to reward themselves,” she says. “Above all, ensure your communications embrace the possibilities, not the responsibilities, of being a woman.”
Finding something on sale at a “very good” price motivates women in the U.S. to buy diamond jewelry more than anything else.
After price, the top motivators among U.S. women are: to treat themselves, to acquire a design that’s unique or unusual, to celebrate personal milestones and to celebrate relationship milestones, like engagements and wedding anniversaries.
6. Most of these purchases are made on impulse.
But among those for which prior research was done. 72 percent of that research took place online. Stores visits (23 percent) and magazines/advertising/celebrity endorsements (31 percent) were other avenues used for pre-purchase research.
7. The jewelry buying experience is too “serious.”
The report used information gleaned from “Female Tribes,” a rolling study conducted by J. Walter Thompson Planning Head Rachel Pashley. (JWT is the same firm that used to handle De Beers’s U.S. marketing and advertising, including the iconic “A Diamond Is Forever” campaign.)
Among Pashley’s observations: the jewelry buying experience is too “serious;” retailers need to find a way to make it fun and self-gratifying, and they should learn from the experiential approach taken by skincare companies.
“Give women permission to reward themselves,” she says. “Above all, ensure your communications embrace the possibilities, not the responsibilities, of being a woman.”
More on Sourcing
The Latest
CrimeNov 04, 2024
FBI Offering $15K Reward for Info on Halloween Mask-Wearing RobbersThe suspects are said to have been involved in the armed robberies of four jewelry stores across three Midwest states.
CollectionsNov 04, 2024
John Hardy’s New Jewels Turn the Black Sands of Bali into DiamondsThe new designs blend Creative Director Reed Krakoff’s aesthetic with the brand’s Balinese roots.
Brought to you by
Navigating Cybersecurity: Essential Guidance for JewelersFrom protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.
IndependentsNov 04, 2024
Eiseman Jewels is Celebrating Watches All Month-LongThe Dallas-based jeweler will showcase timepieces from Cartier, IWC Schaffhausen, Jaeger-LeCoultre, Parmigiani Fleurier, and more.
Weekly QuizOct 31, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsNov 01, 2024
Gunderson’s Jewelers Opens New Location in NebraskaThe new store features a custom design studio and a bridal salon.
CollectionsNov 01, 2024
Piece of the Week: Sydney Evan Gets ‘Wicked’Designer Rosanne Karmes has created a collection to coincide with the release of the movie musical, which is expected to be a blockbuster.
Brought to you by
Enhance Your Expertise with IGI’s In-Person Courses in NYCThis fall, sharpen your skills in jewelry grading, quality control and diamond assessment.
FinancialsOct 31, 2024
Charles & Colvard Faces Possible Nasdaq DelistingThe retailer said it will file the necessary paperwork to regain compliance as soon as it is able.
ColumnistsOct 31, 2024
Peter Smith: Nervous Flyers and Emotional SellingWhether you’re calming the jittery gentleman in seat 13B or selling a diamond ring to a hesitant customer, an empathetic approach is best.
Events & AwardsOct 31, 2024
WJA Will Celebrate 4 Award Winners at ‘Future of Forty’ GalaThe gala includes a red carpet, music from DJ Renata, an awards program, and “mystery boxes.”
Events & AwardsOct 31, 2024
The Instore Show Returns To Chicago AreaThe trade show, in its third year, will take place in late September at the Donald E. Stephens Convention Center in Rosemont, Illinois.
Lab-GrownOct 31, 2024
Q&A: Constance Polamalu on Selling Natural and Lab-Grown DiamondsThe jeweler shared her change of heart on lab-grown diamonds and why she keeps them separate from natural diamonds in her business ventures.
Events & AwardsOct 30, 2024
These Designers, Journalists, and Retailers Are Up for a Gem Award The 2025 Gem Awards are scheduled to take place March 14 at Cipriani 42nd Street in New York City.
MajorsOct 30, 2024
Peggy Grosz Leaves Assael After Company Is SoldGrosz had served as Assael’s senior vice president and creative director since 2017.
CollectionsOct 30, 2024
CD Peacock Honors Its Hometown of Chicago in First Bridal Collection“Love and Celebration” is the jeweler’s first in-house collection featuring engagement rings, wedding bands, and celebration rings.
SurveysOct 30, 2024
Consumer Confidence Rebounds in OctoberA more positive view of the labor market contributed to the strongest monthly gain since March 2021.
Events & AwardsOct 30, 2024
Mejuri to Award $50K in Scholarships to Jewelry Design StudentsThe funds will be distributed to schools in the U.S., Canada, and the U.K.
MajorsOct 29, 2024
Cybersecurity Expert Selected as President of Jewelers’ Security AllianceJennifer Mulvihill, the first woman to lead JSA in the organization’s 141-year history, takes over for the retiring John Kennedy.
Events & AwardsOct 29, 2024
The Can’t-Miss Events of 2024 New York City Jewelry WeekThis year’s festivities include more than 100 experiences, such as designer showcases, panel discussions, and even a treasure hunt.
AuctionsOct 29, 2024
Rolex Worn on Apollo 14 Mission Sells for More Than $2MThe GMT-Master “Pepsi” that belonged to astronaut Edgar Mitchell is one of two Apollo-flown Rolex watches ever sold at auction.
MajorsOct 29, 2024
Pandora’s Holiday Campaign, New Jewelry Celebrate Light and LoveThe ads star brand ambassadors Chloe and Halle Bailey and Pamela Anderson.
EditorsOct 28, 2024
Q&A: Monica Rich Kosann Looks Back on 20 Years The jewelry designer discussed how she got into the jewelry industry, what she keeps in her favorite locket, and the future of her brand.
MajorsOct 28, 2024
Jewelers for Children’s Halloween Costume Contest RocksParticipants can buy five votes for $5 to decide which jeweler will dress up as an ‘80s rockstar for Halloween.
TrendsOct 28, 2024
Amanda’s Spooky Style FileThese 15 pieces of jewelry hand-picked ahead of Halloween appeal to the costume- and candy-loving child in all of us.
MajorsOct 25, 2024
This New Bulgari Boutique Is on a YachtStarboard Luxury is bringing the Italian brand aboard The Ritz-Carlton Yacht Collection’s newest yacht.
CollectionsOct 25, 2024
Piece of the Week: A Haunting Piece of Mourning Jewelry The pendant, circa the late 1700s, likely was commissioned to remember a loved one who died young.
